54 Below Inc

Nonprofit profile at a glance

EIN
882174944
IRS 990 coverage
2023–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
6464763551
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Performing Arts Centers

Official website

Reported finances

Revenue
$8,597,609
Expenses
$9,442,349
Assets
$2,441,657
Liabilities
$8,180,435

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

23 people listed

Executive titles in this filing

  • STEVEN BARUCH (PRESIDENT)

Highest reported compensation

  • JENNIFER TEPPER (CREATIVE AND PROGRAMMING DIRECTOR): $158,549 total reported compensation
  • KATHLEEN GERMAN (DIRECTOR OF DEVELOPMENT): $158,279 total reported compensation
  • MANDISA BOXIL (GENERAL MANAGER): $155,076 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

At 54 below, our mission is to preserve and expand the art of the cabaret while providing an unparalleled audience experience. We're committed to growing opportunities for diverse communities of emerging and established artists and to expanding their audiences. We aim to present work that is vivid, immediate, enlightening and entertaining that reflects the world around us and the imagination of the artists. We honor the cabaret tradition and the music and community of broadway by pursuing excellence in content, performance, hospitality and cuisine.

What it reported doing in 2024

The organization works to foster and promote the understanding and appreciation of the performing arts and the art form of the american cabaret, specializing in the music, history and performers of the american musical theatre and the great american songbook. The organization operates a classic cabaret theater that features performances of the above music plus occasionally classical music and opera. The organization also serves as a laboratory for the development of new music and musicals, a training ground for nascent artists, a home for more established artists to broaden their repertoire, and a place for collective sotrytelling and gathering.

Operating model

Revenue model
Earned-program. 78% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 65
  • Accountability: 76
  • Sustainability: 12
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 87.4%; rating input score 87
  • Fundraising efficiency: $6.21 raised per $1 spent on fundraising; rating input score 23; 23rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 93.8%; rating input score 94; 24th percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -9.8%; rating input score 13; 13th percentile among comparable filings
  • Total-asset coverage ratio: 0.26; rating input score 8; 8th percentile among comparable filings
  • Liabilities to assets ratio: 3.35; rating input score 1; 1st percentile among comparable filings
  • Officer compensation ratio: 10.4%; rating input score 29; 29th percentile among comparable filings

Growth

  • Program expense growth: 46.1% per year; rating input score 100; 97th percentile among comparable filings
  • Revenue growth: 43.6% per year; rating input score 100; 97th percentile among comparable filings
  • Asset growth: -23.7% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 87.4% of spending went to programs
  • Governance: 15 of 16 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $8.3M in reported program spending
  • Leadership: top reported pay $159K · 23 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $247K reported
  • Consistency: 36 of 36 current checks pass
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • Money network: 8 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Financial Efficiency: Fundraising efficiency scored 23/100.
  • High — Sustainability: Operating margin scored 13/100.
  • High — Sustainability: Total-asset coverage ratio scored 8/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 1/100.
  • High — Sustainability: Officer compensation ratio scored 29/100.